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Foreclosure postings in San Antonio, Texas

By
Real Estate Broker/Owner with Robin Rogers, Silverbridge Realty, San Antonio, Texas 398351

More and more distressed home owners in the San Antonio area are seeing their home values falling below their mortgage balances: in other words, negative equity. According to Foreclosure Listing Service, Inc., there were 7,721 foreclosures on residential properties posted in Bexar County from January to June 2010. At least 20 percent of them were on homes in which the loan amount was more than the appraised value.

In the same period last year, the percentage of upside-down homes was 13. Going from 939 to 1,552 upside-down homes is not a good sign. It's an increase of 65%. This puts the San Antonio metro, which also includes Comal County's 51 foreclosure postings, in second place among the 19 counties that Foreclosure Listing Service tracks in north and central Texas. Comal County is located to the north-northeast of San Antonio, and includes the communities of New Braunfels, Bulverde, Garden Ridge and Canyon Lake. Number one on the foreclosure list was the Austin metro, with a 121 percent jump in foreclosure filings with negative equity.

Woman in front of office buildingCommercial properties are doing slightly better, but nearly 7 percent of the 375 commercial foreclosure postings in Bexar County were of properties whose appraised values sank below their loan balances, compared to 4.5 percent last January to June.

These residential and commercial properties are in the beginning stages of foreclosure, so a short sale or some other deal with the lender could prevent the ax from falling.

The only positive way to spin this is as an opportunity for home buyers and investors to choose from more properties in the coming months.

Posted by

 

Robin Rogers, REALTOR, Broker-owner, TRC, MRP, CRS

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Comments (1)

Carl Winters
Canyon Lake, TX

Robin: I know many of the home inspections I am doing are foreclosures. There are some excellent properties out there for folks to choose from.

Jul 22, 2010 04:20 PM